mdyassink

BTCUSD Possible Inverse Heads and Shoulders Forming on Hrly?

Long
BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Based on hourly chart candle close chart it would seem that we may have a potential for an inverse heads and shoulders pattern forming. However, some might by in the opinion that the 42000+ wick may invalidate that pattern, however, based on candle closes (line chart) it shows there is still potential. At the very least look out for a break above the resistance line for a potential target of about 48500.

This bounce has also been above the 21 Weekly EMA which is currently around 45350 which is a good indicator that this is a valid bounce for a further bullish movement ahead.

Just sharing an observation and my view.